Saturday, November 7, 2015

False Tweets Trigger Losses, a Trading Halt and Fraud Charges

The SEC announced the filing of securities fraud charges against a Scottish trader whose false tweets caused sharp drops in the stock prices of two companies and triggered a trading halt in one of them.

Twitter
Twitter (Photo credit: Wikipedia)
According to the SEC’s complaint filed in federal court in the Northern District of California, James Alan Craig of Dunragit, Scotland, tweeted multiple false statements about ADNC and SRPT
on Twitter accounts that he deceptively created to look like the real Twitter accounts of well-known securities research firms.

SEC complaint

Image of Tweets - 1

Image of Tweets - 2


SEC.gov | SEC Charges: False Tweets Sent Two Stocks Reeling in Market Manipulation



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The attorneys at Sallah Astarita & Cox include veteran securities litigators and former SEC Enforcement Attorneys. We have decades of experience in securities litigation matters, including the defense of enforcement actions. We represent investors, financial professionals and investment firms, nationwide. For more information call 212-509-6544 or send an email.
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